You know it. I know it.
All sentient beings know it.
Assuming that Trump takes office, expect MASSIVE economic downturns!
- In the stock market
- In banks/investment banks
- In pension funds
- In the value of housing
- In employment (The only positive side is that, should jobs not be available, many immigrants will self-deport. It happened in Charlotte, in 2008. About 1/3 of my students in a Charlotte school left in a space of several months)
The ONLY thing that they are waiting for is for the election.
If Trump wins, they have no reason to hold back on the crash.
If Kamala wins, they may try to slow the crash down, but will not be able to stop it.
Take any investment money out NOW. Pay off debts, pay down your mortgage, put some under your mattress/in your preps.
Take cash out of accounts, other than that which is needed to pay bills over the next few months. I would bet on us coming back out of the smashup, but it would be more pleasant if we keep as much of what we earned intact.
Money in long-term savings/annuities should be RELATIVELY safe, for now. Most of those cannot be taken out without serious penalties, other than RMD, so I’d leave them. They MIGHT be taken over by the government, however, so, if you can borrow against them and put the money in a safe place/in hard coins, I’d consider doing it. Take that RMD early, though.
If Trump is in, this may be a hard slog to solvency, but I’d bet on him. It could be a Golden Opportunity to reduce the size of government, permanently. Massive RIFs, coupled with elimination of a LOT of jobs, would go a long way towards making a recovery, and putting the country on solid footing for the future.
Whatever you do, don’t give up.
